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Sierra Oncology prices $42.8M common stock offering

Sierra Oncology Inc. is selling 19 million common shares at $2.25 apiece in an underwritten public offering to raise gross proceeds of about $42.8 million.

Vancouver, Canada-based Sierra also granted the underwriters an option to buy up to an additional 2,850,000 shares.

Sierra plans to use the net proceeds to fund development of its product candidates and for general corporate purposes.

The offering is expected to close March 6.

Jefferies is acting as the sole book-running manager, while Wedbush PacGrow and SunTrust Robinson Humphrey are acting as co-managers for the offering.

Sierra Oncology is a clinical stage drug development company focused on DNA damage response therapeutics for the treatment of patients with cancer.